Date issued: 2 Oct 2008
HOUSE PRICES IN THE FALL
- The price of a typical house fell by 1.7% in September
- Market weakness not surprising given ongoing turmoil and many risks remain
- House prices will continue to fall in short term, but longer term prospects are more sound
| Headlines |
September 2008 |
August 2008 |
| Monthly index * Q1 '93 = 100 |
323.9 |
329.3 |
| Monthly change* |
-1.7% |
-1.7% |
| Annual change |
-12.4% |
-10.5% |
| Average price |
£161,797 |
£164,654 |
* seasonally adjusted
Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, said:
“House prices fell by 1.7% in September. This brings the price of a typical house in the UK to £161,797, 12.4% less than at this time last year. House prices have now fallen for eleven consecutive months, but the monthly rate of fall has been almost unchanged in the last three months. The less volatile three-month-on-three month series has also barely changed for the last three months, after accelerating in the first half of the year. This may suggest the beginning of some stabilisation in the pace of house price falls."
For further information please see our August 2008 report (PDF 52KB).
